Title Insurance

[Zoomie1955]

Our closing settlement statement indicated that the title insurance is optional. Do most people elect to get it or not?

Thanks

[Bill-n-Brillo]

A prior thread on the topic..........with links to other threads: :D

https://www.talkofthevillages.com/forums/showthread.php?t=41326

Bill :)

[Zoomie1955]

A prior thread on the topic..........with links to other threads: :D

https://www.talkofthevillages.com/forums/showthread.php?t=41326

Bill :)


Thanks for the info.

[Bill-n-Brillo]

Not a problem - hope it helps!

Bill :)

[CarGuys]

Thanks Bill

The previous Posts helped us make up our mind to pay for it.

We will have a MTG on this home.

[Yankee Quilter]

Lenders Title insurance covers and protects the lender( if applicable) and is almost always required. Owners title insurance covers you the buyer (owner) - it is typically recommended. I have seen situations, especially where closing reps did not do due diligence, ie removing prior owners etc. It is a good, and typically a recommended safety for you as the seller. If there are prior liens, not removed at the time you become the title holder, without the insurance - you become responsible. At TV and if you buy new it may not be(and I have no idea, never having bought) necessary - it may be covered somehow by the seller -but in any resale it is usually strongly recommended.
....good luck

[graciegirl]

We bought two new houses and although always VERY careful, opted to trust that the builder had cleared the title and didn't buy it for the very first times in our lives.

AND it was on the advice of other extremely sage people on this forum and who lived here whose opinions we value.

But, I would think that if you get a loan, it would be required.

[NicknBabs]

At settlement, the agent stated that about half buy it, and being that we were buying a new house, the odds are good that it wasnt needed....unless the Seminoles laid claim and wanted to take back some of the land.

Laugh if you want, but I wanted to sleep better at nites, so we got it...didnt want to risk 300K+ . But it was not required by the mortgage company.

[The Shadow]

It’s called insurance for a reason.

[2 Oldcrabs]

If you are buying a 300k new home (paying cash), can you get title insurance for a lesser amount? Say 200k worth of insurance. If there is a claim against your property, there would be a title company to fight it in court.

[Jim Straz]

If your home is new construction in TV, then there is absolutely no better way to throw your money away than to pay for both Lenders and Owners policies.

http://www.mtgprofessor.com/a%20-%20title%20insurance/questions%20about%20title%20insurance.htm